Debt and Deficit Ceilings, and Sustainability of Fiscal Policies: an Intertemporal Analysis
The likely consequences for the sustainability of the fiscal policy of pursuing goals that rely on restrictive ceilings on deficits and debt are examined. A formal theoretical framework is provided for analyzing the sustainability of fiscal policy based on the government intertemporal budget constra...
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| Veröffentlicht in: | Oxford bulletin of economics and statistics 2000-05, Vol.62 (2), p.197-222 |
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| container_title | Oxford bulletin of economics and statistics |
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| creator | Uctum, Merih Wickens, Michael |
| description | The likely consequences for the sustainability of the fiscal policy of pursuing goals that rely on restrictive ceilings on deficits and debt are examined. A formal theoretical framework is provided for analyzing the sustainability of fiscal policy based on the government intertemporal budget constraint. Conditions are derived that determine whether a given fiscal stance is sustainable. It is found that many countries do not have a sustainable policy. The evidence in favor of sustainability is strengthened for most countries when the data are extended to incorporate future fiscal consolidation plans, reflecting the general shift toward fiscal austerity in recent years. |
| doi_str_mv | 10.1111/1468-0084.00168 |
| format | Article |
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| ispartof | Oxford bulletin of economics and statistics, 2000-05, Vol.62 (2), p.197-222 |
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| language | eng |
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| source | RePEc; Wiley Online Library Journals Frontfile Complete; Business Source Complete; Periodicals Index Online |
| subjects | Budgetary policy Comparative economics Cross-national analysis Debt Economic history Economic policy Economic theory Europe European Union Fiscal policy Gross domestic product National debt Public debt Statistical analysis Studies Sustainability U.S.A |
| title | Debt and Deficit Ceilings, and Sustainability of Fiscal Policies: an Intertemporal Analysis |
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